Leggett & Platt Inc. (NYSE: LEG) reported total compensation for three of its top executives dropped in 2020, mostly due to lower stock awards.
Chairperson and CEO Karl Glassman, the manufacturer's top-paid officer, posted total compensation of $8.7 million, a roughly 14% drop from $10.2 million in 2019, according to a proxy filing with the U.S. Securities and Exchange Commission.
Glassman's $1.1 million salary was down slightly, but the biggest drop was in stock awards, which moved to $4.9 million from $6.1 million in 2019.
Below are Leggett & Platt's top executives, by total 2020 compensation and percent change:
• Glassman, $8.7 million, down 14%;
• Mitch Dolloff, president and chief operating officer, $3.7 million, down 3.7%;
• Jeff Tate, executive vice president and chief financial officer, $2.5 million, up 8%;
• Steve Henderson, executive vice president, $2.1 million, N/A; and
• Scott Douglas, general counsel, $1.7 million, down 5.2%.
Henderson previously wasn't a named officer at the company, so his 2019 compensation was not disclosed in the proxy filing.
During 2020, Leggett & Platt's earnings fell 26% to $247.6 million. Revenue slipped 10% to $4.3 billion.
LEG shares were trading at $45.52 per share as of 9:37 a.m., compared with a 52-week range of $24.01 to $50 per share.
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